Introduction to Mortgage Servicing Examination Training eBook

Introduction to Mortgage Servicing Examination Training Loan File Review - Rules & Regulations Resource

Loan Level Review

Federal Regulation

Examiner

Year-End Statements

26 U.S.C. § 6050H

• Review servicing loan file for 1098s for every year payment histories show that borrower paid over $600 in interest

ARM

12 C.F.R. § 1026.20

• Proving ARM notices • Inaccurate ARM changes • Timing of notification • Contents of notification

Fed. R. Bankruptcy P. 3002.1(b) & (c)

• Any changes in payment amounts while account is in Bankruptcy must be filed with Debtor attorney

Bankruptcy

11 U.S.C. § 362

• Violating automatic stay

Borrower Inquiry

12 C.F.R. § 1024.35 & § 1024.36

• Contents of Borrower request • Timing of response

Continuity of Contact

12 C.F.R. § 1024.40

• Communication with borrowers

Dual Tracking

12 C.F.R. § 1024.41(f)

• Proceeding with foreclosure while in receipt of full loss mitigation package for review

Early Intervention

12 C.F.R. § 1024.39

• Contacting borrower on delinquency/providing written options

Updated 8/15/2022

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